Los Angeles daily herald., 1887-03-22
BOARD OF TRADE.
Action in Regard to New
Building.
SUBSCRIPTIONS OPENED.
Bids for q Lot Received, and the
Matter Considered and
Referred

'sssts
The members of the Board of Trade
.nd Of the Produce Exchange met last
evening, 4. L. Stern in the chair, for the
purpose Of considering proposals for
.lof on which to build Board of Trade
building and to listen to the report ef
thS trustees elected week previously.
NJ, Stern said he hoped that those
.pr;esent would determine without delay
the place upon which to build. 1t
4ade no difference where the building
il, put up so long as it is built in place
which will be productive of good rents.
Mr.. Lewis. chairman of the trustees.
reported that Mr.. German had been
selected as the third trustee.
BIDS OPENED.
The secretary then read the following
nroposals for fots: John Bryson, Sr.,
1ot l24xl2O ON the corner of First and
Fort Cor Sic. 600; will take $l4, 900 in
bonds secured on said lot. William
Miles. lot. corner of Los Angeles and
Kiiso streets, at the head of Ar
cndis, street, lS5x230 feet, 500, 900.
McCoye 4 Cushman offered the fol-
lowing locations: Lot on the northwest
corner of New High and Franklin
sireets, 78xl20 feet, $50, 900; lot on the
wsst side Of Spring street, between
Frankiin and First streets, 35xl25 feet,
SO. 600; lot on the east side of Spring
street 40 feet south Of First, 6Oxl4Sa
feet, 500, 600; lot on Spring street on the
southeast corner of Fourth, l2OxS0 feet,
$85. 900
,Messrs. Huber & Finney offered q lot
.55xl3O On Main street, on the northeast
corner of Main and Second, for $3.50 per
front foot; adjoining thirty feet on Main,
.same depth, at 5000 per front foot;
terms, one-half cash, balance in two
years ct ten per cent. interest.
George d. Rowan offered lot l20xl20
feet on the southwest corner Of Fort and
First streets at 10000, one.half cash,
balance in six. twelve and eighteen
months at ten per cent. interest; lot
42lxl2O feet on First street adj joining
the Nadeau House on west line, ll0xl80
on Fort street, both together, $i25 GOO,
southwest corner of Spring and Fourth,
l2Oxl65 feet, $l25, 900, $40. 900 cash aud
balance. seven per cent, on time; lot
62x20O on Main, between Third and
Fourth, 81, 200. on condition that it is
built upon.
DISCUSSION OF THE PROJECT.
Mr.. Bryson offered to lease his corner
-, okx,.ns~n Tn bo
Afterward fixed. He was informed that
it was impossible to lease land for longer
than fifteen years.
W.. j. Broderick said that two years
ego they were offered a piece of proper
ty for SIS, 600. and now the same prop
erty cannot be bought for less than $5O,.
600. 1t was folly to think of further de.
lay.
Mr.. j. A. Graves urged immediate
action, or else the building would not be
erected. =,
Mr.. Bryson said that Mr.. Studebacker
offered 500, 900 for one of the lots of.
fered the meeting, and it was refused.
The bid comes in now for $l25, 600.
J. I. Reddick quoted an instance of a
piece of property doubling in value in q
year.
Mr.. Baruch moved that the bids be re.
ferred to the Board of Trustees with
power to act, and that they be instructed
to advertise for ten days longer.
Mr.. Graves thought that the Board
could not afford to wait ten days longer.
He moved asan amendment that the mat
ter be referred to the trustees, together
with joint directors of both Boards, for
selection with power to act.
Mr.. Reddick offered resolution to
the effect that the selection of lot and
the erection of the building be referred
to the trustees and the directors OF both
Boards with power to act. This resolu.
tion was substituted for the preceding
motions and was carried unanimously.
Mr.. Graves said that they were going
into the business in business manner
and ne moved that the subscri ption list
be opened and see how many bonds
would be taken.
SUBSCRIPTIONS.
Mr., Stern subscribed $1,000 for his
firm. He thought that every one onght
to. assist in beautifying the city, in
building up and in furthering all in.
dnstries.
,sMr. Rcddick subscribed $1,000 indi.
yidually and his bank could take as
much as it pleased.
MIR. Stern Thought it would be good
idea for the members of the boards to
subscribe first and show that they had
confidence in it.
Mr.. H.. Newmark subscribed for $1,000
in bonds. at.s
sMessrs. . Graves & O'Melveny sub.
scribed for $1,000.
wv. Hellman subscribed for fifteen
bonds. $500.
Mr.. M. A. Newmark & Co. subscribed
Tor ten bonds, $1,000.
M. d, johnson subscribed for five
shares. $500, p>
The following also subscribed: s. B
Lewis, $1,000; Mr.. E. German, $500;
Matthew'S Bros. f& Bartling. $500; N.
Van Nuys, $500; Thielkeld Hudson, 500;
w. j.. Broderick, $1,000, E. B. Millar.
$500; p. Ballade, $500, and Strange &
$500.
Enterprise Of Lewis